Bitcoin ($BTC) is driven by several factors. It includes the decision of the Federal Reserve to cut rates, risk appetite of investors, Halving, and ETF offerings. One factor that has majorly remained hidden in the flood of headlines is Bitcoin mining. The community speculates that it could help pull the price of the flagship crypto to over $86,000.
It stems from the belief that the average Bitcoin mining cost is $86,668. So, it is only natural for BTC to at least move beyond that margin. Historical trends are favoring the speculation and so are technical indicators. Also, Ali_Charts, a notable crypto enthusiast, has backed the theory.
Bitcoin is currently trading at $66,136.00 with a drop of 0.29% in the last 24 hours, at the time of writing this article. It further reflects a decline of 4.60% and 0.27% in the last 7 days and 30 days, respectively.
Bears have dominated the plummeting trend prevailing in Bitcoin. This also entails the previous week’s performance below $67,000. It was only the 24-hour trading volume that was holding the flag with a surge of 47.65%; however, it could signal the buying pressure since the token is expected to move beyond its new ATH of around $74,000.
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The market cap has slipped by 0.35%.
BTC is predicted to end 2024 as high as $100,000. Some analysts even believe that it could reach the value of $150,000 by year-end. Near-term BTC predictions are bullish to defy the ongoing neutral sentiments. The monthly growth could be 30.66% for $86,753. It would depend on what happens after 5 days. BTC needs to close the shutter at around $75,918 for stronger resistance.
Higher lows would help but only to showcase how it can pull up for a rebound. The pace is not important within the crypto realm except when there is emotion of uncertainty and volatility. Both elements introduce the chances of a faster shoot-up for BTC, or any other crypto for that matter.
Bitcoin’s volatility is at 1.94% to signal stability. The token has indeed been roaming within restricted ranges. The 14-day RSI comes to 45.40 with 71 points under the Fear & Greed Index. The 50-day SMA and 200-day SMA are $66,007 and $55,993, applicable in the same order. The MACD continues to display a bearish advantage while CMF – Chaikin Money Flow – registered a trend of decline.
There are no rate cuts in sight and investors’ risk appetite largely depends on that loose end. Assuming it affects the inflow to the market, it is only right to assume that there will be a crunch in liquidity sooner or later. That is a far-fetched shot, for whales could back Bitcoin strongly.
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Bitcoin’s ultimate milestone is $100,000 for year-end. Near-term goals are certainly achievable – what remains to be seen is if Bitcoin ($BTC) will play well with the market factors.
